- The fundraiser was led by Lightspeed with the participation of
Saama capital, IndiaQuotient, AUM Venturesand Stride Ventures. Global Fairsolves manufacturing and procurement issues for the US building materials industry.
- The fund will be used to deepen their manufacturing base across India and
GlobalFair, a technology-first global building materials supplier in the cross-border space, said Thursday it had raised $20 million through a mix of equity and debt in a Series A round.
The fundraiser was led by Lightspeed with participation from Saama Capital, India Quotient, AUM Ventures and Stride Ventures.
The fund will be used to deepen their manufacturing base in India and Vietnam, launch capital financing solutions and build a sustainable end-to-end synchronized cross-border supply chain accessible to the global buyer with one click.
The global construction and construction market is worth $1.4 trillion
about the world, with a $240 billion market in the US alone, spanning 700,000 construction contractors, GlobalFair said.
“The construction industry has traditionally been disorganized with low to zero technology penetration. This leads to low reliability and transparency throughout the supply chain, especially when viewed from the cross-border lens,” said GlobalFair.
Trying to build a borderless trading economy, GlobalFair specializes in turnkey custom products in multi-family and commercial hospitality segments in the US.
“The pandemic has exposed structural problems in cross-border supply chains and increased the need for transparency, visibility and diversification in procurement. GlobalFair is using technology to address these issues for the global construction and building materials industry and we are excited to support the team as they modernize the industry and create new trade corridors,” said Bejul Somaia, Partner, Lightspeed.
GlobalFair enables customers to communicate with their platform at all stages of the traditional process, from construction cost estimates using architectural plans and shop drawings to real-time GPS tracking of the final delivery of the materials according to installation schedules at job sites.
The company plans to expand its current 110-member team across the US, Vietnam and India and launch new supply bases.
“As India and Vietnam aim to become the de facto factories of the world, we love how GlobalFair is using technology to bridge the capacity gap and leverage economies of scale,” said Anand Lunia, Partner, India Quotient.
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